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Merit Medical’s income keeps pace with last year’s
Merit Medical Systems, Inc. made slightly more money in the quarter ending June 30 than it did a year earlier.
The Salt Lake City-based manufacturer and marketer of disposable medical devices said quarterly net income was $6.4 million, up from $6.3 million last year. Both equate to about 15 cents per share.
Merit Medical's income was based on record revenues of $128.9 million, a 17% increase over the spring quarter in 2013. Revenues for the first six months of 2014 are up to $248 million, 16 percent more than a year earlier.
"The plan for product and sales force focus is clearly working, and we anticipate continued growth going forward," said Fred Lampropoulos, Merit Medical's chairman and chief executive.
"Although we have incurred some short-term expenses associated with the splitting of our U.S. sales force," he added, "we exceeded our initial sales estimates and are optimistic this trend will continue."
Lampropoulos said sales this year are 37 percent ahead of last year in China, 30 percent in Europe. Sales gains in the United States are only at 11 percent.